Important Points for IC 86 - Risk Management Exam

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  • The issues that need to be addressed while measuring liability will be: Whose liability; Liability to whom; Definitions of liability; Is the liability limited; How does it arise; When will legal award be made, etc.
  • Liability risk relates to vulnerable persons or property, lack of control, non-compliance with procedures, inability to meed standards or failure to warn, failure to respond to complaints, inadequate defence etc.
  • Unless specified as 'W' i.e. to be tested once in a week or 'M' i.e. to be tested once in a month, each item needs to be checked every day.
  • Specific duties should be assigned to selected members of a team who will carry out the test as per checklist.
  • Answers to each item of the checklist is either 'Yes'(Y), or 'No'(N) or 'Not Applicable' (NA). A tick mark to be put against each item in the appropriate column.

Risk Management Exam

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